Indian shares drop in early trade, auto stocks slip

The NSE Nifty 50 index was down 1.17% to 8,711.90 by 0345 GMT, while the benchmark S&P BSE Sensex was 1.12% lower at 29,800.25.

Reuters

April 08, 2020, 15:26 IST

In Mumbai, the Nifty Auto index slipped more than 2 pcBENGALURU: Indian shares slipped more than 1% in early trade on Wednesday, in line with broader Asia, as investors weighed the slowing rate of COVID-19 infections against rising deaths across the globe.

The NSE Nifty 50 index was down 1.17% to 8,711.90 by 0345 GMT, while the benchmark S&P BSE Sensex was 1.12% lower at 29,800.25.

India, which has been under lockdown since March 25 to curb the spread of the new coronavirus, reported more than 4,000 infections and over 120 deaths, as of Tuesday.

In the United States, the S&P 500 ended Tuesday down 0.16% after gaining as much as 3.5%.

In Mumbai, the Nifty Auto index slipped more than 2%, with Maruti Suzuki edging 2.3% lower. The maker of the iconic Maruti 800 on Tuesday flagged a more than 32% drop in passenger vehicle production in March.

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